The Google Wallet mobile payment platform could feature on the new iPhone after Eric Schmidt admitted that Google is looking to port the software to other manufacturers.

The executive chairman says that if Apple develop their own version of the NFC tech that features in the Google Nexus S then his company will be looking to integrate Google’s new payment infrastructure.

When asked about moving the tech to other platforms Schmidt said that “most vendors” will have the necessary “near field communications” chip in their devices by next year.

iPhone 5?

Speaking at the Cannes Lions Advertising festival, the former CEO said that Google would bring the tech to Apple, which is rumoured to be adding an NFC chip to the iPhone 5.

Other OEMs like LG and Sony Ericsson have already committed to adding NFC chips to their Android phones.

Within a year

Schmidt also predicted that the ‘tap and pay’ revolution will be in full swing within 12 months, with over a third of shops and restaurants accepting payment by mobile.

He says Google is pushing payment processors to crack on with upgrading the in-store tech.

He reckons they, and not Google or phone manufacturers, will be paying for the switch as the credit card company’s have the motivation of lower fraud rates through NFC-based payments.

“I judge that based on how long I think it takes, because the terminals are available now, the software is available now or this summer,” he said.

“How long does it take an infrastructure player to upgrade a significant percentage of their infrastructure? It’s on the order of a year, it’s not a week, it’s not a month but it’s also not five years.